The dollar as the international currency par excellence and Wall Street as the main financial centre of the neoliberal system have been the two pillars of US hegemony in the last decades in what is known as the Dollar Wall Street Regime (DWSR). However, the current financial crisis has put this hegemonic set-up in jeopardy. Drawing on primary research in Brazil (a key BRIC country), I argue that the financial elites of the emerging markets consider US hegemony to be in decline and see the EU in many ways as an important partner in the creation of a multi-polar financial system. In this sense, the BRIC elites have much in common with the European elites and hence together they have the potential to create a counter-hegemonic bloc opposed to the DWSR.
